Ola Electric, a leading electric two-wheeler maker in the country, has announced its financial results for FY2025. Although the company continued its leadership position in the market, its revenue fell marginally to INR 46.45 billion in FY2025 from INR 51.26 billion last year.

In spite of the revenue drop, Ola Electric continued its leadership in the electric scooter segment, shipping 359,221 units in FY2025, compared to 329,549 units in FY2024. The growth came mainly from the strong performance of its enhanced Gen 3 S1 scooter range, allowing the firm to attain 30 percent market share, based on VAHAN data.

The company stated it is making a big push towards profitability, led by two main internal initiatives: ‘Project Lakshya’ and ‘Project Vistaar.’

Under Project Lakshya, Ola Electric has a target cost structure of INR 1.10 billion for its auto business. The company has been able to bring down costs impressively to INR 1.21 billion in April 2025 and is likely to reach the INR 1.10 billion target in June 2025.

To supplement this, Project Vistaar, launched in November 2024, was network transformation-centric. The effort has significantly enhanced delivery time (from 12 days to 3-4 days), optimised inventory management and facilitated same-day delivery through its "HyperDelivery’ facility. Consequently, Ola Electric grew its footprint to emerge as India's largest EV distribution network in FY2025 with over 4,000 touchpoints, of which over 50 percent were in Tier 3 and rural markets.

These strategic actions have helped Ola Electric lower its auto segment EBITDA break-point structurally to below 25,000 units per month. This reduced level, combined with expected industry expansion, growing S1 market share, and the recent launch of motorcycles, sets the company up to achieve Auto segment EBITDA profitability during FY2026.

Ola Electric stated that early signs in April and May 2025 indicate encouraging business traction, with higher Gross Margins (excluding the benefits of PLI) and lower operating expenses. The company also noted stronger monetisation through add-ons, with Gen 3 sales more than doubling that of Gen 2. Encouraging demand for the recently launched Roadster Motorcycles is also supporting this encouraging trend. It expects this healthy performance to sustain, resulting in Auto segment EBITDA profitability in FY2026.

The launch of the Gen 3 S1 portfolio in Q4 FY2025 contributed significantly to the company's enhanced Gross Margins. For Q1 FY2026 posted a further 10 percentage point increase in Gross Margins over Q4 FY2025. This result will benefit further from the ramp-up in the Gen 3 platform. Significantly, the gross margins as of date do not account for PLI benefits for Gen 3, which will accrue in Q2 FY26. The company estimates its Gross Margins to be around 35 percent for Q2 FY2026 with PLI.

Ola Electric's S1 lineup continues to be extensive, with almost 1 million units sold in 14 products in Gen 2 and Gen 3. The Gen 3 platform provides 20 percent more peak power, 20 percent more range and an 11 percent price cut compared to its predecessor. The company further pushed mass segment EV penetration via its S1 X, which experienced a 3.5x year-on-year rise in deliveries to 196,123 units in FY25.

It was just recently that the company has begun deliveries for the Roadster X electric motorcycle, which it said addresses a significantly underpenetrated segment. The Roadster X comes with a mid-drive motor, chain drive, and onboard MCU for improved performance and safety. A first in the industry in the Roadster X series is the implementation of flat cables in the motorcycles.

The company is also scaling up output at its Ola Gigafactory, with the yields of its indigenously created ‘Bharat Cell’ continuing to improve. The cell is under rigorous testing of performance, lifecycle, safety and phased commercialisation can be anticipated in the months ahead. The phased rollout strategy is designed to balance supply chain synergies, maintain quality consistency and collect real-world performance data prior to mass commercialisation.

Ola Electric indicates that FY2026 will be a year of scaling revenue and riding operating efficiencies to drive sustainable profitability. With a strong product roadmap, vertical integration, strong R&D emphasis and building out distribution and service infrastructure.

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Refex Mobility, the clean mobility arm of the Refex Group, has launched its operations in Delhi NCR, committing to fast-track clean corporate transportation in the region. The launch event was attended by the Union Minister of New and Renewable Energy, Prahlad Joshi, along with other dignitaries.

The company plans to deploy over 400 new four-wheeler clean-fuelled vehicles in Delhi NCR within the next three months, enhancing its presence across India.

Refex Mobility is looking to use its Delhi NCR launch as a springboard to scale into Tier-1 and Tier-2 cities nationwide. The firm currently operates a fleet of over 1,400 all-electric four-wheeler vehicles across Chennai, Bengaluru, Hyderabad and Mumbai, serving more than 70 leading corporates from sectors including BFSI, IT/ITES, e-commerce and telecom. The company, supported by over 200 employees, has already abated 3.5 million kilograms of tailpipe CO2 emissions since its inception.

Union Minister Prahlad Joshi commended the company's initiative, emphasising the need for solar-powered EV fleets: “Under the visionary leadership of Prime Minister Narendra Modi, India is advancing rapidly towards clean energy and sustainable mobility. To truly unlock the promise of electric vehicles and smart energy-efficient transportation, we must ensure they are powered by the sun. I urge corporates to lead the way by adopting solar-based charging for their EV fleets, thereby reducing oil imports, cutting emissions, and building greener, healthier cities in line with their ESG commitment.”

Anil Jain, Chairman & Managing Director, Refex Group, said, "Delhi NCR is not just an expansion for us but it is a commitment to scale. Within a couple of quarters, we will create one of the largest corporate clean-mobility fleets in the region. At Refex, we believe in diversification with responsibility, and Green Mobility is one of the most critical pillars of our sustainability journey."

Anirudh Arun, CEO, Refex Mobility, added, “At Refex Mobility, we are reimagining what reliable and responsible mobility means for India. Our promise is built on three pillars - dependable fleets that corporates can count on, exceptional experiences for every rider, and a deep commitment to sustainability and our driver partners. With our entry into Delhi NCR, we are proud to bring this ethos to the capital, as we continue shaping a cleaner and more trusted future for urban mobility.”

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Yuma Energy, one of India's fastest-growing Battery-as-a-Service (BaaS) providers, has announced a major partnership with Hindustan Petroleum Corporation (HPCL) to rapidly scale its battery swapping network across the country. HPCL is one of India's largest energy companies, boasting a vast network of over 24,000 retail outlets.

By leveraging HPCL's extensive footprint, Yuma Energy aims to gain a strategic advantage, allowing it to deploy its AI-driven battery swapping stations in high-demand locations – from major metro areas to Tier-2 towns.

This move aims to give riders, delivery fleets and businesses instant and reliable energy access that is as quick as traditional refuelling.

Yuma Energy will use HPCL's retail network to deploy its ‘Yuma Stations’ strategically based on real-time demand. This demand-responsive model ensures that EV users – including e-rickshaw drivers, gig-economy partners, and commuters – are always close to a fully charged battery.

The partnership directly addresses the key challenge of energy network infrastructure that needs to keep pace with India's accelerating EV adoption, particularly in the two- and three-wheeler segments. For HPCL, the alliance allows the company to diversify its business into future-ready energy solutions.

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Kinetic Green Energy and Power Solutions has introduced the E-Luna Prime, an electric two-wheeler designed for India's commuter motorcycle market. The new model builds on the success of the E-Luna, which has sold over 25,000 units since its launch.

The E-Luna Prime, the company shared, is engineered to meet the needs of millions of commuters, offering an affordable and practical solution for both urban and rural environments. It features rugged 16-inch alloy wheels, a digital cluster and a spacious front-loading area. The electric two-wheeler is available in two variants with ranges of 110 km and 140 km, prices starting at INR 82,490 (ex-showroom).

According to Kinetic Green, the E-Luna Prime offers significant savings compared to conventional petrol-based motorcycles. The total cost of ownership is estimated at just INR 2,500 per month, which includes the EMI and running expenses. This is a fraction of the estimated INR 7,500 monthly cost for a traditional ICE two-wheeler, potentially saving consumers up to INR 60,000 annually.

Dr Sulajja Firodia Motwani, Founder & CEO, Kinetic Green, said, "We are delighted to unveil the E-Luna Prime, that embodies our commitment to transforming the future of personal mobility in India. Building on the resounding success of our E-Luna series, which has garnered widespread acclaim from thousands of satisfied customers, the E-Luna Prime represents a significant leap forward in our pursuit of innovation and customer-centricity."

Dr. Motwani added that extensive consumer research revealed an opportunity to create "India's most affordable yet aspirational mobility solution for the fastest growing commuter motorcycle segment." She stated, "The E-Luna Prime, with its industry-leading features along with the winning proposition of INR 2,500 monthly ownership cost, exemplifies our commitment to address the evolving and unmet customer needs by leveraging cutting-edge electric vehicle innovations."

The E-Luna Prime is available in six colours and will be sold through Kinetic Green's network of over 300 dealerships across the country.

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Bengaluru-based electric vehicle maker Simple Energy has raised USD 10 million in an all-equity funding round led by existing investor Dr. Arokiaswamy Velumani, Founder of Thyrocare’s Family Office with participation from existing investors - Balamurugan Arumugam and the Haran family office. The funds will be deployed to expand its network, marketing initiatives and R&D.

At present, the company has setup a manufacturing facility in Hosur, Tamil Nadu with a capacity to produce 150,000 units per annum.

Suhas Rajkumar, CEO and Founder, Simple Energy, said, “This investment will bolster our next phase of growth. It will help in making electric mobility more accessible to customers across India. Nearly 80 percent of the capital will be directed towards expanding our retail presence and building a robust dealer and service network. The rest of the funds will be employed towards R&D. With this influx, we are confident in scaling into both established and emerging markets – delivering India’s longest-range electric two-wheelers that meet the needs of Indian riders.”

Dr. A Velumani, Creator, Thyrocare, said, “Simple Energy’s unique strengths are indigenously made with 1. Best Battery system and 2. Excellent motor Quality. Their focus and frugality with disciplined execution gives me confidence in its future. With localized operations, sharp operational and R&D focus, and a clear strategy for scaling, the company is well-positioned to be in top 3 players in EV 2W market in India by 2030.”

Balamurugan Arumugam, prominent investor and mentor to several high-growth companies, said, ‘It is inspiring to see Simple Energy turn its ambitious vision into consistent growth and meaningful impact. Its focus on R&D and high-range electric two-wheelers, strategic market expansion and strengthening customer engagement reflects the brand’s potential for lasting impact. We are excited to continue supporting their journey as they shape the future of two-wheeler mobility in the country.”

Till date, Simple Energy has raised a total of USD 51 million from marquee investors and is targeting USD 350 million by going public by FY2027.

At present, the company’s product portfolio includes the Simple One and Simple OneS, which provide a claimed IDC range of 248km and 181km respectively. It has established 54 outlets across cities including Bengaluru, Goa, Vijayawada, Hyderabad, Visakhapatnam and Kochi, amongst others. The company plans to open 150 new stores and 200 service centres this year.

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